https://www.taxtmi.com/caselaws?id=221068 The Court concurred with the Tribunal's decision, ruling in favor of the assessee and dismissing the appeals. The Court emphasized the importance of the assessee's bona fides in penalty proceedings, considering the assessee's compliance with Explanation 5 and lack of contumacious behavior. Relying on the principle of strict construction in penalty cases, the Court rejected the penalty imposition by the Revenue. en-us Thu, 01 Dec 2011 00:00:00 +0530 Thu, 21 Feb 2013 07:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221068 The Court concurred with the Tribunal's decision, ruling in favor of the assessee and dismissing the appeals. The Court emphasized the importance of the assessee's bona fides in penalty proceedings, considering the assessee's compliance with Explanation 5 and lack of contumacious behavior. Relying on the principle of strict construction in penalty cases, the Court rejected the penalty imposition by the Revenue. Case-Laws Income Tax Thu, 01 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221068